The Nigerian Education Loan Fund (NELFund) has refuted claims of mismanagement regarding the distribution of student loan funds. This comes after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) launched an investigation into allegations of corruption in the disbursement process.
NELFund’s Response to Allegations
In a statement, Oseyemi Oluwatuyi, NELFund’s Director of Strategic Communications, explained that the accusations were the result of a misinterpretation. She stated that the reports suggesting financial mismanagement were “entirely false” and “grossly irresponsible,” damaging the institution’s reputation and undermining its mission.
Transparency in Fund Disbursement
Oluwatuyi assured the public that all institutional fees are paid directly to verified educational institutions. Additionally, student upkeep allowances are transferred to the verified bank accounts of eligible students, ensuring full transparency. She further explained that the reports circulating in the public domain were based on outdated figures, referring to previous interventions that occurred before the current management took over.
Commitment to Financial Accountability
As the ICPC’s investigation continues, NELFund remains confident that the allegations do not reflect the current state of operations. The fund reiterated its commitment to providing financial support to Nigerian students, maintaining accountability, and upholding transparency in all its transactions.
